The US District Court Rejects SEC’s Request to Appeal Ripple Case Ruling
The United States Securities and Exchange Commission (SEC) has been denied its request to appeal the ruling in the Ripple case, which determined that XRP is not a security for retail sales. The court filing states that the SEC has failed to provide a convincing justification for how an appeal could change the court’s decision. The denial of the appeal has resulted in a 5.54% increase in XRP’s price within the last hour.
Judge Analisa Torres emphasized that there was insufficient evidence to prove that programmatic buyers of XRP were influenced by the efforts of others when purchasing it. However, there is still a trial date scheduled for April 24, 2024.
The Crypto Industry Watches Closely
The SEC’s claim that an “average” investor could analyze years of statements and documents to make an informed decision about investing in XRP was also challenged in the filing. This ongoing case between Ripple and the SEC has significant implications for the crypto industry, as it clarifies the SEC’s jurisdiction over cryptocurrency assets.
After nearly two and a half years of legal battles, the ruling in July classified XRP as a security for institutional sales but not for retail sales, representing a partial win for both Ripple and the SEC. Cameron Winklevoss, co-founder of Gemini, hailed the decision as a “watershed moment.”
Hot Take: Ripple Case Ruling Stands, SEC Appeal Denied
The US District Court has rejected the SEC’s request to appeal the ruling in the Ripple case, which determined that XRP is not a security for retail sales. The court found that the SEC failed to provide sufficient justification for an appeal. This decision has led to a 5.54% increase in XRP’s price. The ongoing case between Ripple and the SEC continues to be closely watched by the crypto industry, as it provides clarity on the SEC’s jurisdiction over cryptocurrency assets.
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